introductory text through (a)(1)(ii) [Reserved]. For further guidance, see § 1.6038B-2(a) introductory text through (a)(1)(ii).

The United States person is a U.S. transferor (as defined in § 1.721(c)-1T(b)(18)) that makes a gain deferral contribution and is required to report under § 1.721(c)-6T(b)(2). The reporting required under this paragraph (a) includes the annual reporting required by § 1.721(c)-6T(b)(3). For purposes of applying this paragraph (a)(1)(iii) to partnerships formed on or after January 18, 2017, a domestic partnership is treated as a foreign partnership pursuant to section 7701(a)(4).

[Reserved]. For further guidance, see § 1.6038B-2(a)(2).

Indirect transfer through a foreign partnership. Solely for purposes of this section, if a foreign partnership transfers section 721(c) property (as defined in § 1.721(c)-1T(b)(15)) to another foreign partnership in a transfer described in § 1.721(c)-3T(d) (tiered-partnership rules), then the transferor foreign partnership's partners will be considered to have transferred a proportionate share of the property to the foreign partnership.

through (c)(7) [Reserved]. For further guidance, see § 1.6038B-2(a)(4) through (c)(7).

With respect to reporting required under § 1.721(c)-6T(b)(2) and paragraph (a)(1)(iii) of this section with regard to a gain deferral contribution, the information required by § 1.721(c)-6T(b)(2); and

With respect to section 721(c) property for which a statement is required to be filed under § 1.721(c)-6T(b)(3) and paragraph (a)(1)(iii) of this section, the information required by § 1.721(c)-6T(b)(3).

through (h)(2) [Reserved]. For further guidance, see § 1.6038B-2(d) through (h)(2).

Reasonable cause exception. Under section 6038B(c)(2) and this section, the provisions of paragraph (h)(1) of this section will not apply if the United States person shows, in a timely manner, that a failure to comply was due to reasonable cause and not willful neglect. A United States person's statement that the failure to comply was due to reasonable cause and not willful neglect will be considered timely only if, promptly after the United States person becomes aware of the failure, an amended return is filed for the taxable year to which the failure relates that includes the information that should have been included with the original return for such taxable year or that otherwise complies with the rules of this section, and that includes a written statement explaining the reasons for the failure to comply. If any taxable year of the United States person is under examination when the amended return is filed, a copy of the amended return must be delivered to the Internal Revenue Service personnel conducting the examination when the amended return is filed. If no taxable year of the United States person is under examination when the amended return is filed, a copy of the amended return must be delivered to the Director of Field Operations, Cross Border Activities Practice Area of Large Business & International (or any successor to the roles and responsibilities of such position, as appropriate) (Director). Whether a failure to comply was due to reasonable cause and not willful neglect will be determined by the Director under all the facts and circumstances.

through (j)(3) [Reserved]. For further guidance, see § 1.6038B-2(i) through (j)(3).

Transfers of section 721(c) property—(i) Applicability dates. Paragraph (c)(8) of this section applies to transfers occurring on or after August 6, 2015, and to transfers occurring before August 6, 2015, resulting from an entity classification election made under § 301.7701-3 of this chapter that is filed on or after August 6, 2015. Paragraphs (a)(1)(iii), (a)(3), and (c)(9) of this section apply to transfers occurring on or after January 18, 2017, and to transfers occurring before January 18, 2017, resulting from entity classification elections made under § 301.7701-3 of this chapter that are filed on or after January 18, 2017.

Expiration date. The applicability of paragraphs (a)(1)(iii), (a)(3), and (c)(8) and (9) of this section expires on January 17, 2020.

Reasonable cause exception—(i) Applicability date. Paragraph (h)(3) of this section applies to all requests for relief for transfers of property to partnerships filed on or after February 21, 2017.

Expiration date. The applicability of paragraph (h)(3) of this section expires on January 17, 2020.